AI · October 22, 2026
OpenAI races to close $30 billion funding round before Anthropic IPO
OpenAI is accelerating a new funding round of roughly $30 billion, aiming to secure commitments before rival Anthropic launches its anticipated initial public offering in mid-November. The company hopes the deal will push its valuation above $1.4 trillion.
Sources say OpenAI is speeding up the process partly because it is competing with Anthropic for the same pool of large investors. As the rivalry intensifies, OpenAI wants to leverage recent business growth to complete fundraising first and avoid direct comparison with Anthropic around its IPO timing.
SoftBank, Abu Dhabi investment firm MGX, and other existing investors are reportedly participating in the negotiations. If completed, the round would rank among the largest funding deals in artificial intelligence history.
Market observers note that both OpenAI and Anthropic are advancing toward trillion-dollar valuations, reflecting strong demand for capital in the generative AI sector. However, the global investment climate faces challenges including rising interest rates, tech stock volatility, and scrutiny of AI valuations.
Insiders say OpenAI held multiple meetings last week with long-term funds and sovereign wealth funds, while Anthropic has been conducting investor presentations. Compared to similar-sized fundraising efforts, OpenAI's push is notably faster.
Analysts say OpenAI needs the funds to support expanding AI infrastructure and strengthen its balance sheet, partly to offset risks that market conditions could delay its planned 2027 IPO.
Although both companies attract investor interest, many institutions struggle to allocate capital between two high-valued AI opportunities. Some investors believe OpenAI's move is designed to lock in funding early and prevent capital from flowing to Anthropic's upcoming IPO.
OpenAI and SoftBank declined to comment, while Anthropic and MGX did not immediately respond to media requests.
To boost investor confidence, OpenAI is highlighting recent growth data. Sources say that since the launch of the GPT-6 Astra model, annualized revenue has reached $50 billion and is expected to rise to $70 billion by the end of the year.
OpenAI also told investors it has reduced pricing on some lower-cost models, believing cheaper access has driven user growth. The company sees further room to lower AI model costs.
As a competitor, Anthropic previously disclosed that its annualized revenue reached about $65 billion in July. Its third-quarter revenue rose to $16.8 billion, up from $11.6 billion in the second quarter. However, some investors are cautious as monthly revenue growth has slowed.
With both AI giants approaching trillion-dollar valuations and competing for top-tier global capital, the generative AI industry has entered a critical phase of fundraising and IPO competition.